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's activity report 2022

AS Baltic Marine Group was established in 2001. The same year, economic activity was initiated.

The main activities of AS Baltic Marine Group are the sale, maintenance and sale of spare parts for diesel engines in the industrial, maritime and railway sectors; maintenance and repair of ship equipment; sale of diesel generators; maintenance and repair of cogeneration plants throughout their life cycle.

In 2022, the economic activity of AS Baltic Marine Group was characterized by servicing and expanding contracts and regular customers to the market for major repairs of marine pleasure craft engines. As a result of the restructuring of the company started in 2019, we ceased operations in the Lithuanian subsidiary BM Rail UAB in 2020 and continue operations in Lithuania through the branch of AS Baltic Marine Group. In 2022, we ceased operations

in the Latvian subsidiary BM EnergySIA and continue operations in Latvia through the branch of AS Baltic Marine Group.

The major projects in 2022 were the maintenance and sale of spare parts for Lithuanian railway locomotive engines, repair of Lithuanian navy ship engines,

in Latvia, maintenance and sale of spare parts for locomotive and passenger train engines; in Estonia, maintenance and sale of spare parts for ferry engines, sale, maintenance and repair of workboat engines and other equipment.

In 2022, we started separating the Kohler SDMO generator department from Baltic Marine Group AS. The restructuring is planned to be completed with the separation of this business unit. A new company, BMG Energy OÜ, has been established, which deals with the sale, installation and maintenance of Kohler SDMO generators.

Turnover decreased by 24% compared to 2021. The reason for the decrease in turnover was the restructuring of the company, as a result of which the generator sales unit was separated from Baltic Marine Group AS and in 2022 our customers did not have planned large-scale capital repair projects. AS Baltic Marine Group's sales revenue in 2022 was 11.6 million EUR and the consolidated sales revenue in 2021 was 15.3 million EUR.

Of the sales revenue in 2022: - 41% or 4.7 million EUR was from the sale of ship engines and spare parts - 15% or 1.8 million EUR was from the sale and maintenance of diesel generators - 41% or 4.3 million EUR was from the maintenance and sale of train diesel engine spare parts' - 1% or 0.2 million EUR was from the sale of gas generators Of the sales revenue in 2021: - 32% or 4.9 million EUR was from the sale of ship engines and spare parts - 15% or 2.3 million EUR was from the sale and maintenance of diesel generators - 52% or 7.9 million EUR was from the maintenance and sale of train diesel engine spare parts - 3% or 0.4 million EUR was from the maintenance of gas generators

The largest foreign partners in export were Latvia and Lithuania and in import were Germany and France.

In 2022, investments were made in the amount of 102.3 thousand EUR (64.9 thousand EUR in 2021). The car fleet and tools were updated.

In 2022, the company employed 35 full-time employees (33 employees in 2021), and the total salary cost in 2022 was 1713 thousand EUR (the salary cost in 2021 was 1514 thousand EUR).

The board of the joint-stock company consists of one member, who is also the CEO, and there are CEOs in the branches in Latvia and Lithuania. The consolidated management fees in 2022 were 91.2 thousand EUR.

No remuneration was paid to the members of the Supervisory Board.

The management believes that all necessary measures have been taken to ensure the sustainability of the Company under current conditions.

The main goal of AS Baltic Marine Group for 2023 is to maintain market share in the sale and maintenance of ship engines and spare parts and train diesel engines and spare parts.

Baltic Marine Group AS and the company's branches in Latvia and Lithuania continue to operate.